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Staff plans $12.4M one-time use of fund balance; $5.4M allocated for capital improvements
Summary
City staff proposed using $12.4 million of fund balance for FY2024, including roughly $5.4 million for the capital improvement plan, $354,000 for PC replacement, a $415,000 drainage program allocation, and continued use of budget-savings incentives.
Finance Director Carl Daughtry told council the recommended budget anticipates $12.4 million in one-time fund balance use for FY2024, an increase of about $4.3 million from 2023. "For '24 we plan to take $12,400,000 from our savings account, which is about 4,300,000, than what we did in 2023," he said.
Daughtry explained how one-time funds are being allocated: approximately $5.4 million for pay-as-you-go capital improvements to reduce borrowing, $354,000 to a scheduled PC replacement program, and $415,000 for drainage projects. He also described a budget-savings program in which departments retain 50% of year-end savings, with 10% assigned to an innovation pool and 15% to the PC replacement fund.
